Wed, 08 Feb 2012 | MBO/MBI
Abbeycrest, the renowned jeweller has been placed into administration, but subsidiary company Brown & Newirth has already been saved in a management buyout (MBO).
The company had faced months of uncertainty over its future, closing its Leeds headquarters and trying to sell off its Thailand-based operations as attempts to create more funding, according to the Professional Jeweller publication. Those efforts could not ultimately save it, however, and John Malcolm Titley and Andrew Poxon of Leonard Curtis have been appointed to handle a pre-pack administration process.
Brown & Newirth, the brand’s specialist wedding ring division, has been bought out by management, supported by Manchester-based investment vehicle, Chrysus. Brown & Newirth sales director John Ball said that the deal had secured the jobs sustained by the division and that they would continue taking orders from retailers.
In a statement to the London Stock Exchange on the situation, Abbeycrest said that they had undertaken extensive discussions with Chrysus and “it became evident that the only course of action available was for the board to place Abbeycrest into administration”.
Chrysus has acquired loans made to Abbeycrest by junior creditors, Moorgarth and Michael Lever. It has also made £780,000 of additional funding available to Abbeycrest, with £480,000 being spent on redeeming debt owed to Burdale Financial and £300,000 going as additional working capital for Brown and Newirth.
The administrators have said that a further announcement on the future of the Abbeycrest brand will be made in due course.
This thriving business specialises in providing semi-independent accommodation and support services for young people transitioning from children’s social care, offering a safe and nurturing environment with 24/7 assistance from qualified live-in key...
LEASEHOLD
This well-established company is a leading wholesaler of spare parts for electric domestic appliances, renowned for its extensive range of OEM products from globally recognised brands and high-quality items from trusted manufacturers. With a robust B...
Fantastic opportunity for a buyer to invest in a company with room for significant growth due to underutilized production capacity.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.